The police of the capital of Montenegro detained the co-founder and CEO of Terraform Labs (TFL) Do Kwon. This was announced by the Minister of Internal Affairs of the country Filip Adzic.
U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA
Terraform Labs sa sjedištem u Singapuru.
1/2— Filip Adzic (@filip_adzic) March 23, 2023
The official called Do Kwon “one of the most wanted fugitives.” According to Adzic, this “king of cryptocurrencies” is associated with over $40 billion in user losses.
The CEO of Terraform Labs was detained at the Podgorica airport on forged documents at the request of law enforcement agencies in the United States, Singapore and South Korea.
In December 2022, the media, citing the latter’s prosecutor’s office, reported that Kwon was hiding in Serbia. Later, representatives of the Ministry of Justice and the supervisory agency clarified that these allegations “are not false.”
The head of the TFL himself said that he was not “on the run” and was cooperating with law enforcement officers. In September, Bloomberg reported on the issuance of a “red notice” by Interpol for his detention.
Recall that in March 2023, the media reported that the FBI and the authorities of the Southern District of New York interrogated former members of the TFL team as part of an investigation initiated by the US Department of Justice into the collapse of the TerraUSD stablecoin. If confirmed, Do Kwon could face jail time.
Before SEC filed civil charges against TFL and its co-founder for orchestrating a multi-billion dollar securities fraud.
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